On August $20,$ Mr$.$ and Mrs$.$ Cleaver decided to buy a property from Mr$.$ and Mrs$.$ Ward for $$105,000.$ On August $30,$ Mr$.$ and Mrs$.$ Cleaver obtained a loan commitment from OKAY National Bank for an $$84,000$ conventional loan at $5$ percent for $30$ years. The lender informs Mr$.$ and Mrs$.$ Cleaver that a $$2,100$ loan origination fee will be required to obtain the loan. The loan closing is to take place September $22.$ In addition, escrow accounts will be required for all prorated property taxes and hazard insurance; however, no mortgage insurance is necessary. The buyer will also pay a full year$$s premium for hazard insurance to Rock of Gibraltar Insurance Company. A breakdown of expected settlement costs, provided by OKAY National Bank when Mr$.$ and Mrs$.$ Cleaver inspect the uniform settlement statement as required under RESPA on September $21,$ is as follows:

I. Transactions between buyer$-$borrower and third parties:

a$.$ Recording fees$$mortgage $ $30\mathrm{.}00$

b$.$ Real estate transfer tax $225\mathrm{.}00$

c$.$ Recording fees$/$document preparation $200\mathrm{.}00$

d$.$ Hazard insurance$$one$-$year policy$$Rock of Gibraltar Insurance Company $420\mathrm{.}00$

e$.$ Peggy Prudent$$attorney $150\mathrm{.}00$

f$.$ Inspections $50\mathrm{.}00$

g$.$ Title insurance fee $($Landco title Company$)400\mathrm{.}00$

h$.$ Landco title Company$$Closing fee $125\mathrm{.}00$

II$.$ Transactions between seller and third parties:

a$.$ Release statement$$seller$\text{'}$s mortgage $5\mathrm{.}00$

b$.$ Payoff$$seller$\text{'}$s mortgage $($Home State Bank$)32,715\mathrm{.}00$

c$.$ Real estate brokerage fee $(6\%$ Fast Deal Realty$)6,300\mathrm{.}00$

III. Buyer$-$borrower and lender information:

a$.$ Amount of loan $ $84,000\mathrm{.}00$

b$.$ Prepaid interest is owed from closing through september $30,$ which equals nine days $($inclusive$).$ Regular payments to begin on November $1.[\mathrm{.}05\backslash$times $84,000)-$: $365]\backslash$times $9103\mathrm{.}56$

c$.$ Property tax escrow$$two months required $133\mathrm{.}33$

d$.$ Loan origination fee $2,100\mathrm{.}00$

IV$.$ Buyer and seller information:

a$.$ Purchase price $ $105,000\mathrm{.}00$

b$.$ Deposit paid by Cleaver to Ward $($paid in escrow to OKAY National Bank$)1,500\mathrm{.}00$

c$.$ Real estate tax proration $($taxes for the current year to be paid in arrears by BUYER to county next January $1$: $$800$ per year$).$ Therefore, because the SELLER will own the property from January $1$ to September $22,$ or $264$ days. Therefore, the Buyer owes for the $101$ days prior to closing and transfer of title. Therefore, a credit for part of the $$800-$per$-$year real estate tax $($for $264$ days$)$ is due to buyer from seller at closing. $ $578\mathrm{.}63$

Required:

a$.$ What are the amounts due from the borrower and due to the seller at closing?

b$.$ What would be the disclosed annual percentage rate as required under the Truth$-$in$-$Lending Act?

c$.$ When will the first regular monthly mortgage payment be due from the borrower?